Exam simulator 215 state license

P is a major medical policy owner who is hospitalized as a result of injury sustained from participating in a car jacking. How will the insurer most likely handle this claim?

Claim will be denied

The combination of whole life and____term insurance is referred to as a family income policy

Decreasing

F needs life insurance that provides coverage for only a limited amount of time with a death benefit that changes regularly according to a schedule. What kind of policy is needed?

Decreasing term policy

Additional coverage can be added to a whole life policy by adding a

Decreasing term rider

In Florida, which agency is responsible for the rehabilitation or liquidation of insurers?

Department of financial services (DFS)

A CEOs personal assistant suffered injuries at home and as a result, was unable to work for four months. Which type of policy will pay monthly benefit to the personal assistant?

Disabillty income

A variable insurance policy:

Does not guarantee a return on investment accounts

The federal income tax treatment of employer-provided group medical expense insurance can be accurately described as

Employees premiums paid by the employer is tax deductible to the employer as a business expenditure

S takes out a health insurance policy which contains a provision that states that the agent does not have the authority to change the policy or waive any of its provisions. Which health policy is this?

Entire contract

He has recently signed an application for insurance. The insurer must advise her in writing that investigative consumer report may be conducted according to the

Fair credit reporting act

Which organization was established to provide funds to protect an insured in the event of an insurers insolvency

Florida insurance guaranty fund association

an insured is past due on his life insurance premium, but is still within the grace period. what will the beneficiary receive if the insured dies during the grace period

Full face amount minus any premiums made

____Of personal life insurance premiums is usually deductible for federal income tax purposes.

0%

Within how many days must a licensee notify the Department of Financial Services of a change in address?

30

N is a 40-year-old applicant who would like to retire at age 70. He is looking to buy a life insurance policy with level premiums, permanent protection, and be paid up at retirement. Which of these should N purchase?

30 Pay life

A____day notice to the policyholder is required for any health insure that wishes to cancel a health insurance policy.

45

An insurance company must act on an accident and health insurance application for reinstatement within____days.

45

M's insurance company denied a reinstatement application for her lapsed health insurance policy. The company did not notify M of this denial. How many days from the reinstatement application date does insurance company have to notify M of the denial before the policy will be automatically placed back in force?

45

Q is severely injured in an automobile accident and becomes totally disabled. How many months must Q be disabled before being able to file for Social Security disability benefits

5

Every resident agent must have and maintain at their place of business the usual and customary records pertaining to transactions under their license for at least how long

5 years

An example of an unfair trade practice is

An agent making a material misrepresentation to the insured

Cait has a health policy that must be renewed by the insurer in the premiums can only be increased if applied to the entire class of insured's. This type of policy is considered:

Guaranteed renewable

Which of the following types of organizations are prepaid group health plans, or members pay in advance for the services of participating physicians and hospitals that have agreements?

HMO

Convincing a prospective insured to buy an insurance policy based on exaggerations is called

Misrepresentation

All students attending a large university could be covered by:

a blanket policy

What do dread disease policies cover?

a specific disease or illness

Any changes made on an insurance application requires initials of whom?

applicant

According to Florida law, when must and agent deliver the outline of coverage to a Medicare supplement applicant?

at the time of the application

Which of these is not considered to be a cost connected with an individuals death?

business expenses

The situation in which a group of physicians are salaried employees and conduct business in an HMO facility is called a

closed panel

Florida's 14 day free look period for life insurance policies begins at the

date of delivery

Additional coverage can be added to a whole life policy by adding

decreasing term rider

The free look provision begins

Upon receipt of the policy by the policy owner

A term life insurance policy matures:

Upon the insured's death during the term of the policy

An agent that sells ____ life insurance must be registered with the financial industry regulatory authority

Variable

What type of life policy contains a monthly mortality charge as well as self-directed investment choices?

Variable universal life

A return of premium life insurance policy is:

Whole life and increasing term

Which of these statements concerning individual straight life annuity is accurate

payments are made to annuitant for life

a person insured under a health policy is required to give the insurance company a notice of claim within how many days after a covered loss?

twenty

Term life policies that have the ability to be converted to permanent coverage may do so during a specific time period. This conversion

varies according to the contracts

P is a new employee and will be obtaining non-contributory group major medical insurance from her employer. which of the following actions must she take during the open enrollment period?

sign an enrollment card

Which type of plan allows an employer to give money to employee for buying a life insurance policy and also permits the employee to select the beneficiary?

split dollar plan

What type of life insurance are credit policies issued as

term

Contract owner terminates and annuity before the income payment period begins. the owner will then receive

the current contract surrender value

Advertising gifts not to exceed____are allowed to be given by an agent to a prospective client

$100

B has a $100,000 accidental death and disbursement policy that pays triple indemnity for common carrier death. If B is killed from an accident on a commercial flight what will the policy pay B's beneficiary

$300,000

T took out a $50,000 life insurance policy with an accidental death and dismemberment rider. Five years later, T commits suicide. How much will the insurer pay?

$50,000

What is the maximum number of employees (earning at least $5000) that employer can have an order to start a simple retirement plan?

100

A potential client, age 40, would like to purchase a whole life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct?

20-pay life accumulate cash value faster than straight life

Which of these is an element of variable life policy?

A fixed, level premium

What kind of life insurance product covers children under their parents policy?

A term rider

Which of the following is not included in an annuity contract?

AD&D rider

The guarantee of insurability option provides a long-term care policy owner the ability to

By additional coverage at a later date

When third-party ownership is involved applicants who also happen to be the stated primary beneficiary are required to have:

Insurable interest in the proposed insured

MEWA provides what type of benefits

Insurance

Which of the following health insurance policy provisions specifies the Healthcare Services a policy will provide?

Insuring clause

Which of the following actions will an insurance company most likely not take if the applicant, who has diabetes, applies for a disability income policy?

Issue the policy with an altered time of payment of claims provision

T has annuity that guarantees income payment for the rest of his life. The contract also guarantees that if he dies before receiving payments for 20 years, remaining payments will be paid to son for the balance of the 20 years. What type of annuity is this?

Life annuity with period certain

Which of these is NOT an element of life insurance premiums

Morbidity rate

Which of the following statements is correct about accelerated death benefits?

Must have a terminal illness to qualify

S filed a written proof of loss for a disability income claim on September the insurance company did not respond to the claim. S can take legal action against the insurer beginning

November 1st

What does Medicare parts A and B cover

Part a covers hospitalization part B covers Doctor's services

Whole life insurance policies are contractually guaranteed to provide each of the following, except:

Partial withdrawal features beyond a surrender charge period.

The provision that defines to whom the insurer will pay benefits to is called:

Payment of claims

Which of these is considered a mandatory provision

Payment of claims

The annuity that represents the largest possible monthly payment to an individual annuitant is a (n)

Straight life annuity

What should an insured do if the insurer is not send claims forms within the time period set forth in health policy's claims forms provision

Submit the claim in any form

Amount of coverage on a group credit life policy is limited to:

The insured's total loan value

Which accident and health policy provision addresses pre-existing conditions

Time limit on certain defenses

Group life policies in Florida are required to contain a conversion privilege that allows for conversion

To an individual policy for a stated period of time

ABC insurance company has accepted a life insurance application which contains unanswered questions. The company then makes the application part of the life contract. In this situation, the insurer has:

Waived one of its legal rights

When must insurable interest be present in order for a life insurance policy to be valid?

When the application is made

the payments on Q's annuity are no less than $250 quarterly, which type of annuity is this?

flexible installment differed

K is looking to purchase renewable term insurance, which of these types of term insurance are renewable

level

Which of these are not an example of a nonforfeiture option?

life income

And insured's ability to perform two or more activities of daily living may trigger which type of life policy rider

long term care

Which type of plant normally includes hospice benefits

managed care plans

Asset protection can be provided by long-term care partnership policy if the policyholder qualifies for

medicaid

Under which circumstance may a licensed agent in florida represent an unauthorized entity?

never

In florida, agents are allowed to engage in rebating if

offered to all insureds in the same actuarial clause

According to Florida life insurance replacement laws, a policy owner must be provided with a written comparison and summary statement when is requested by

the policyowner

Under a renewable term policy

the renewable premium is calculated on the basis of the insured's attained age